AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.35% against the USD and closed at 0.7659.
LME Copper prices rose 1.3% or $83.5/MT to $6685.0/MT. Aluminium prices declined 0.6% or $12.0/MT to $1997.0/MT.
Yesterday, data indicated that in China, Australia’s largest trading partner, the Caixin/Markit manufacturing PMI unexpectedly fell to a level of 51.0 in March, defying market expectations for a rise to a level of 51.7. In the prior month, the PMI index had recorded a level of 51.6.
Over the weekend, data showed that China’s NBS manufacturing PMI registered a rise to a level of 51.5 in March, beating market expectations for an advance to a level of 50.6. In the prior month, the PMI had registered a level of 50.3. Furthermore, the nation’s NBS non-manufacturing PMI climbed to a level of 54.6 in March, meeting market expectations and compared to a level of 54.4 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 0.7680, with the AUD trading 0.27% higher against the USD from yesterday’s close.
Earlier today, the Reserve Bank of Australia (RBA), at its April monetary policy meeting, opted to keep the key interest rate steady at a record low of 1.5%, as widely expected, on the backdrop of sluggish wage growth and persistently weak inflation.
Overnight data indicated that Australia’s AiG performance of manufacturing index advanced to a level of 63.1 in March, compared to a reading of 57.5 in the previous month.
The pair is expected to find support at 0.7657, and a fall through could take it to the next support level of 0.7634. The pair is expected to find its first resistance at 0.7696, and a rise through could take it to the next resistance level of 0.7712.
Looking forward, Australia’s retail sales and building approvals data, both for February, slated to release overnight, will be on investors’ radar.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
